Related posts:

1. Rental Property Video Marketing
2. No Vacancy
3. No Jobs, No Housing Recovery

The current rental market is Hot.  The recent record number of foreclosures have left families displaced, bank owned properties sit empty and mortgages are hard to come by.  Throw in unemployment  and depreciating properties and you get a high supply of prospective tenants.

Properties shouldn’t be sitting vacant long in this market.  Most of our clients have new leases started the day after their old tenant’s lease ends.  With 60 days notice and a hot rental market, how could you have vacancies?    Any good property manager should, on average be able to rent your property in 2 to 3 weeks, if not, something is wrong.

When I look at properties online I see some that have been vacant for 200 to 300 days??  Property management in Wesley Chapel. This is ridiculous and I believe it is mainly from realtors telling owners what they want to hear and not being responsive to prospective tenants.

This rental market will be hot for the foreseeable future, but won’t last forever.  Investors should be maximizing  their opportunities while they are there.

For Expert Property Management in Hillsborough, Pinellas, Manatee and Sarasota Counties contact Sun Rock Property Management

Related posts:

1. The Effect of Record Foreclosures
2. As Home Prices Decline, it is a Great Time to Invest in a Rental Property
3. The Other Number

Finally the last day of summer, I walked into the gym and could smell the dank air.  I could tell immediately the air conditioner was broken again.  This was the second time it broke this summer and a different gym I was going to back in April had a broken air conditioner too.  I discovered a broken AC at a vacation property over the weekend and it seemed like every where I went I couldn’t escape the heat. 

The AC broke at my house one steamy August day, and recently the power was out for over 5 hours.  I drove around for two of those hours just to have air conditioning.  It felt like all I did was deal with air conditioners all summer as about 70% of our properties had AC problems and one needed to be replaced.  Invoices for repairs ranged from $70 to $700.  Although people said this summer just felt hotter because the winter was so cold, it sure was a long, hot summer.

I remember when I was first learning to structure real estate deals, they said you had to calculate cashflow by including rent, mortgage, taxes, insurance, homeowners dues, property management fees, vacancy and maintenance.  The money they set aside for maintenance seemed pretty high, and I really didn’t pay much attention to it.  I thought I wouldn’t have those type of problems.

The very first tenant call I got was for a  broken AC on the 4th of July right after I had bought the property.  Since it was a holiday, I couldn’t get anybody out there the same day.  The tenant was not happy, I ended up with a $400 invoice and I thought, ‘welcome to real estate investing’.

So when analyzing investment property in Florida, find out the age of the AC and factor in money to have it checked once a year for preventive maintenance.  Buy a year’s worth of air filters for the tenants, show them how to change them and remind them to change them out often.  Plan for the worst, and hope for the best.

Usually it is right around Halloween when the time changes and we get that first cool front.  Then we have six months of perfect weather.  Snowbirds do it right!

For pre-purchase consulting and expert property management in Lakewood Ranch, Florida, contact Sun Rock Property Management.

No related posts.

In Manatee County home and condominium re-sales rose in October. However,  there’s still a debate about the housing market recovery.

According to the Florida Association of Realtors, sales of existing single-family homes in the Sarasota-Bradenton market rose nearly 50 percent in October compared to the same month a year ago. Sales of previously-owned condos also escalated.

Bargain-hunters and first-time homebuyers seeking the federal tax-credit deadline pushed the sales spike. This led to a decrease in the median sales price from a year ago.

Whether you are looking to purchase a condo on the 10th-hole in River Strand or a beautiful home in the Lakewood Ranch Country Club, prices are right for an investment in a rental property.

Contact Sun Rock Property Management for all your investment rental property management needs.

Related posts:

1. Heritage Harbour – Property Management Perspective
2. No Vacancy
3. Manatee County – Property Management Perspective

Sun Rock Property Management is now your resource for asset management in Bradenton and Sarasota, Florida.  We are teaming with mortgage servicers to provide professional real estate owned or REO management and property preservation. 

Services:

• Property Management
• REO Disposition
• Complete Eviction Services
• Appraisal Review
• Title Issue Resolution
• Property Inspections
• Consulting
• Contract Negotiation
• Escrow Tracking

Contact Sun Rock Property Management for REO Management in Bradenton & Sarasota, Florida.

Related posts:

1. Manatee County – Property Management Perspective
2. As Home Prices Decline, it is a Great Time to Invest in a Rental Property
3. Florida Foreclosure Pain Continues